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This is typically associated with the gay Hanky Code and if worn on the left, it means that you like to fist guys; if worn on the right, it means that you like to get fisted. UNLESS there is a white stripe and then it just means that you like to shave or get shaved or a black stripe denotes you are or like bears.
I caught Mark at the bar last night with a red hanky on his right arm; I had no idea he was into fisting.
red hanky by Benjamin M. Dover August 22, 2008
Related Words

Tom Hanksing it 

The act of attacking a superior enemy with an ineffectual weapon, usually in a video game. In reference to the scene in Saving Private Ryan where Tom Hanks fires his pistol at an oncoming tank.
Gamer 1: You have any rockets?

Gamer 2: No, I'm Tom Hanksing it.
Tom Hanksing it by Dutch441 November 7, 2012

cum hanky 

A Hanky or Handkerchief that is used frequently for masturbation.
damn Mandy is so fuckin'hot - I need to shoot a big load into my cum hanky
cum hanky by hankie cuma March 17, 2008

Farmer's Hanky 

The act of blowing your nose by a combination of covering one nostril with a finger and clearing the other with a powerful nasal blast of air, for use when a suitable snot receptacle isn't available. Popluar with farmers and footballers and useful in the right situation, but not really acceptable among polite company. Unless you're desperate of course.
Look away love, I'm going to have to do a Farmer's Hanky
Farmer's Hanky by TheWoodsman December 21, 2010

Mr. Hanky 

It's Mr. Hanky the Christmas poo!
Mr. Hanky by Forum_4ever July 4, 2005
To pilfer or take items, usually of minor value -- e.g., travel size body wash bottles, nespresso pods, small battery-operated alarm clocks -- from hotel rooms or airplanes (particularly items provided to premium customers).
When Oliver stayed at the Bellagio for a weekend, the hotel staff stopped him from Hankining a bath robe.
Hankining by Guenter777 June 16, 2018